After a car accident, you could be faced with a significant amount of bills, including the cost of medical treatment, physical therapy, medication, and the expense of repairing or replacing your vehicle. If your injury is severe, you could also be out of work for a substantial amount of time. While it might be in your best interest to hire an experienced personal injury attorney, it might not feel like the time to add another bill onto the pile. Fortunately, many personal lawyers work on a contingency basis.
When you hire an attorney on a contingency basis, you agree to pay them a percentage of your potential settlement or judgment award. This means two things. First, our skilled Fayetteville car accident attorneys will be working hard to obtain the highest settlement possible. Secondly, and perhaps more importantly, you will not have to pay anything until, and unless, the case settles in your favor.
Contingency fee agreements are frequently used in personal injury cases, including car accidents, where the victim is seeking to recover monetary damages. Under these agreements, an attorney will not be paid until the injured victim is paid. However, even though there are no “upfront costs,” it is still important to understand how contingency fees are calculated and what other expenses are involved. To discuss contingency fee agreements and related expenses in more detail, contact our law offices at (479) 316-0438.
What is a Contingency Fee in Arkansas?
When an attorney takes a case on a contingency fee, they anticipate obtaining a large enough settlement to make it worthwhile for all parties involved. Typically, a contingency fee is one-third of the total compensation an accident victim is awarded. Therefore, a contingency fee on a $300,000 award would be $100,000.
A lawsuit incurs more costs than just your attorney’s fee. A relatively simple trial arising from a car accident could include a court filing fee, fees for expert witnesses, the cost of depositions, other motion fees, and miscellaneous expenses for everything from postage to photocopying or scanning services. When you file a personal injury lawsuit, these expenses are generally paid by the law firm representing you. However, under the terms of nearly every contingency fee agreement, expenses are reimbursed from a settlement before the contingency fee is calculated. Therefore, if you were awarded $300,000 and the litigation cost $50,000, the attorney’s fee would be one-third of $250,000, or $83,334.
The Cost of a Car Accident Case in Arkansas
Because a contingency fee is based on a percentage of your total compensation, it is impossible to know what the fee will be before the case is settled. However, as seen above, your compensation will also be reduced by the cost of litigating your case. This amount depends on how complex your case is and whether it goes to trial.
The total costs involved in a car accident case are significantly lower if our Arkansas personal injury lawyers settle a case without filing a claim in civil court. However, to obtain the maximum compensation possible, filing a lawsuit is usually necessary. Nonetheless, expenses involved in a negotiation could include ordering medical documentation, questioning witnesses, or hiring an engineer or accident reconstructionist.
If your case is litigated, there are other additional costs involved. Because every case is unique, it is impossible to provide an average. However, there are some costs that are associated with most car accident cases.
- Court filing fees
- Court reporter’s charges for transcripts of witness depositions
- Fees for medical or engineering experts
- Travel expenses associated with litigating and investigating your case
- Expenses involved in producing material for jury presentations
Hiring Our Arkansas Car Accident Attorney is an Investment
Under a contingency agreement, you are not obliged to pay an attorney unless they obtain a settlement. However, if you have to pay expenses and one-third of your total settlement, is hiring an attorney a worthwhile investment? The answer is usually “yes.” Typically, a car accident victim is likely to receive, on average, a settlement that is two and half times greater with legal representation. This discrepancy could be higher with an attorney that focuses on car accident cases.
You Are Not a Legal or Medical Expert
In most cases, a car accident victim is not a legal or medical professional. Without understanding how personal injury lawsuits work, it is almost impossible to know whether a settlement offer is reasonable. Our Rogers car accident lawyers will properly estimate the value of your claim and the legal strength of your case so you could make an informed decision.
There Might Be Other Legal Claims
As stated above, you are not a legal expert. It might be easy to assume that the at-fault driver should be held liable for your injuries and damages. However, other parties might be responsible, including other motorists or a manufacturer of a defective vehicle. Our Arkansas car accident lawyers will thoroughly investigate your crash to determine what parties could be held accountable for your injuries.
There is No Risk
A contingency fee agreement means there is no monetary risk. You are not required to make any up-front payments. Furthermore, our Springdale car accident attorneys are incentivized to maximize your compensation.
Experienced Arkansas Car Accident Attorneys Working For You
The costs and expenses you incur after a car accident could be significant. A severe injury could result in substantial medical bills and months or years of lost income. The legal expense to ensure you receive the compensation you deserve is probably only a fraction of your losses. Through a contingency fee agreement, our Farmington personal injury lawyers allow you to fight for financial recovery without risk. Call (479) 316-0438 to review the costs involved with fighting for your rights.
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